The term life insurance scheme currently covers more than two million Singaporeans and permanent residents, the CPF Board said
[SINGAPORE] Great Eastern will continue to administer the Dependants’ Protection Scheme (DPS) for another three years as the Central Provident Fund (CPF) Board has extended its administrator contract until September 2028.
The extended contract period will start from Oct 1, 2025, until Sep 30, 2028. The insurer began administering the DPS as its single insurer from Apr 1, 2021, after it was awarded a five-year contract on Oct 1, 2020, said the CPF Board on Monday (May 26).
The DPS is a term-life insurance scheme that provides insured members and their families with a cash payment to tide them through the first few years following the untimely death of an insured member, or if he or she should suffer terminal illness or total permanent disability.
It currently covers more than two million Singaporeans and permanent residents, the CPF Board said.
Insured members up to the age of 60 are covered for a maximum assured sum of S$70,000, while members above the age of 60 up to the age of 65 are covered for a maximum assured sum of S$55,000.
Singapore citizens or permanent residents between the ages of 21 and 65 automatically have DPS coverage upon making a valid CPF working contribution, while CPF members between the ages of 16 and 65 who have not been automatically covered can apply directly to Great Eastern to join the DPS.
Members with existing DPS coverage do not need to take action as their covers are automatically renewed on an annual basis before their 65th birthday, with no change to their premiums.
Great Eastern shares ended Friday flat at S$25.80, before the news.
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